On Tuesday, Germany’s Merck KGaA called on Versum Materials shareholders to put pressure on the management of the electronic materials manufacturer to consider their takeover bid over a rival Entegris’ bid.
Versum rejected Merck’s unsolicited $5.9 billion cash offer on Friday. The proposal made to the management was non-binding and has not been submitted to shareholders yet.
“We urge you to let the Versum Board know that Versum shareholders will not support the Entegris acquisition in light of our proposal, which is unquestionably superior,” Merck said in an open letter to Versum investors.
“Our offer to engage directly with Versum to understand the rationale for the Versum Board’s determination has not been accepted,” it added.